Amendments to IBC Act in regards to disclosure of Nominees are approved by the National Assembly
July 11, 2025
The National Assembly unanimously approved proposed amendments to the International Business Companies Bill, 2025 on Wednesday 09th July.
The amendments are in reference to the appointment of nominees of an IBC, the limited time period for them to disclose their nominee status, applied sanctions in case of noncompliance, amongst many other proposed changes.
Under the new law, nominees will have 21 days from the date of appointment to disclose of their nominee status and details of their nominators through a signed declaration addressed to the company.
Existing nominees will have to submit their declaration by 15th July 2025.
Companies shall also be required to retain nominee declarations and notices at the office of a registered agent for at least 7 years from the date on which the person ceases to be a nominee.
Presenting the bill before the National Assembly, Vice President Ahmed Afif, Minister for Finance, National Planning and Trade said the amendments are intended to strengthen transparency, and good governance.
“By approving the amendments we are ensuring that IBCs registered in Seychelles are in compliance with international standards, in particular those of FATF and Global Forum on transparency and exchange of information for tax purposes (OECD).”
Given that in March of this year, OECD has commenced its Supplementary Peer Review for Seychelles, which is expected to be completed by December, their preliminary review has recommended certain amendments to our laws, specifically five, in which the IBC Act of 2016 is included.
“The amendments are important in consolidating the credibility of our jurisdiction – showing we are serious, compliant and transparent. By approving the amendments, as a country we are reassuring international regulators, investors and our people that we are indeed taking tangible measures to remain liable and continue to modernize this sector.”
The OECD Review has far-reaching consequence for our country given that it will be considered by the European Union when taking their decision on whether Seychelles remains on its current Annex 2 - the grey list - on the EU list of non-cooperative jurisdictions for tax purposes.
The EU is expected to make its determination in February 2026.